Formosa Pharmaceuticals and Apotex Enter into Agreement to Commercialise Clobetasol Propionate Ophthalmic Suspension
Tuesday, August 06, 2024
Formosa Pharmaceuticals has announced an exclusive licensing agreement with Apotex for the rights to commercialise clobetasol propionate ophthalmic suspension, 0.05% (APP13007) in Canada.
This innovative medication is designed to treat inflammation and pain following ocular surgery. Approved by the U.S. FDA on March 4, 2024, the agreement includes upfront and milestone payments upon achieving specific regulatory and sales targets.
The active ingredient in APP13007 is clobetasol propionate, a potent corticosteroid, delivered through Formosa Pharma’s APNT® nanoparticle formulation platform. This novel formulation offers a convenient dosing regimen (twice daily for 14 days) and has shown significant efficacy in Phase 3 trials, providing rapid and sustained relief of inflammation and pain.
The Canadian market for topical ophthalmic steroids and combinations is valued at approximately C$50 million, growing at about 5% annually, driven by an estimated 500,000 ocular surgeries each year.
Erick Co, President and CEO of Formosa Pharmaceuticals, expressed confidence in the partnership, highlighting Apotex's strong reputation and commitment to branded ophthalmology products. Allan Oberman, President and CEO of Apotex, also emphasised their dedication to expanding their portfolio of innovative medicines and supporting Canadian patients.
Source: formosapharma.com
